Dogecoin has experienced a steep drop, falling below the critical $0.3550 support against the US Dollar. Currently, DOGE is struggling to rebound and faces resistance at the $0.350 mark. The cryptocurrency's price initiated a notable descent beneath the $0.3650 level, reflecting a broader downturn similar to Bitcoin and Ethereum.

The current trading situation sees Dogecoin below both the $0.3550 level and the 100-hour simple moving average. A bearish trend line is evident, presenting resistance around the $0.3550 level on the hourly DOGE/USD chart, sourced from Kraken. This presents a challenge for DOGE to mount a fresh ascent past both the $0.3550 and $0.3650 resistance levels.

Following a descent from above $0.400, Dogecoin saw its value tumble below several critical support levels, including $0.380 and $0.3650. It plummeted further, momentarily below $0.320. A temporary low established at $0.30 has led to a consolidation phase. The price did recover above $0.320, testing the 23.6% Fibonacci retracement level from a $0.4096 high down to a $0.300 low.

Currently, DOGE remains vulnerable under $0.3550 and the pivotal 100-hour simple moving average. There’s a notable resistance trend line at $0.3550. Resistance near $0.3250 is immediate, with significant barriers at $0.340 and $0.3550, aligned with the 50% Fib retracement.

Should Dogecoin surpass the $0.3550 resistance, it could advance towards $0.3650. Further gains might propel it towards $0.380. However, the critical milestone would be $0.40 for the bulls. Failure to break the $0.3550 could reignite a downward trajectory. Initial downside support appears near $0.3050, with the key threshold at $0.30.

A breach below $0.30 could accelerate losses, potentially edging towards $0.280 or $0.2620. Technical indicators underscore this risk, as the Hourly MACD gains bearish momentum, and the Hourly RSI lingers below 50. Watch for support levels at $0.3050 and $0.3000, against resistance walls at $0.3400 and $0.3550.